An HSA is a tax-favored savings account that is used in conjunction with a high-deductible HSA-eligible health insurance plan to make healthcare more affordable and to save for retirement.  HSA’s are similar to an IRA but with some additional advantages. Pre-tax money is deposited each year into an HSA and in the case of the Health Savings Account funds can be easily withdrawn at any time with no penalty* to pay for qualified medical expenses. Withdrawals can also be made for non-medical purposes, but will be taxed as normal income and are subject to a 10 percent penalty if done prior to age 65.

Any HSA funds not used each year remain in the account, and earn interest tax-free to supplement medical expenses in the future.

Like an IRA, the account belongs to you, not your employer. But unlike an IRA, your employer CAN contribute to your HSA.

Click this link for your HSA Road Rules EE 2010.

About our HSA’s

Health Savings Account

• Set-up fee $25.00
• Opening deposit of $100.00
• Interest compounded and credited to the account monthly with your monthly statement. See rate sheet for current rates.
• See an account representative at your local branch for complete account disclosure.

Health Savings Account Certificate of Deposit

• Set-up fee $25.00
• Opening deposit of $1,000.00
• 12 Month Term
• Interest compounded and credited to the account quarterly. See rate sheet for current rates.
• See an account representative at your local branch for complete account disclosure.
• Penalty for early withdrawals apply to the Health Savings Account CD. Ask for details.
• Stop in to your local branch and see a Customer Service Representatives today for more information regarding our HSA’s. Or give us a call in Cameron at (715) 458-2513 in Grantsburg at (715) 463-3456 or in Siren at (715) 349-7499.